3 Things You Probably Didn’t Know about General Liability Insurance

3 Things You Probably Didn’t Know about General Liability Insurance

3 Things You Probably Didn’t Know about General Liability Insurance

Comments Off on 3 Things You Probably Didn’t Know about General Liability Insurance

There’s nothing that compares to the adrenaline rush that you can get when gambling. And while gambling can lead to big winnings, one aspect of life that you don’t want to gamble on is your business. Not only can you lose your entire life-savings, but you can lose your business, which means you will lose your income. This is why it is so important to make sure you properly protect your business with the right type of insurance. 

General liability insurance is key to protecting your company. Let’s take a quick look at three things you need to understand about general liability insurance, including what it is and the benefits it can bring to your business. 

1) What is general liability insurance?

A general liability insurance policy provides protection against an array of “general” lawsuits. Such lawsuits may include those related to:

  • Copyright infringement
  • Property damage
  • Falls and injuries on the business property or while conducting business-related activity
  • Libel or slander

2) Four Facts about General Liability Insurance

One thing you need to know about this type of insurance is that almost any type of business can benefit from it. No matter the industry your business is operating in, you should speak with a qualified agent to pinpoint the exact benefits of a general liability policy. You should also know that this type of insurance pays out only when a lawsuit is filed by a third-party; not for lawsuits that are filed by someone you employ. And while general liability insurance is not required by law, it is required in some business-to-business contracts. Lastly, this type of insurance can often be obtained for a reduced price when it is bundled with property insurance; this type of bundle is typically referred to as a Business Owner’s Policy.

3) Are general liability insurance policies set in stone?

One of the most important things to know about general liability insurance is that they are not set in stone. Just because you invest in a policy does not mean you can’t cancel it. Nor does it mean that you can’t customize it on an as-needed basis; this is why it is so important to reevaluate your insurance needs on a regular basis and have your insurance policy adjusted accordingly. For example, if you reassess your insurance needs and determine that you need more coverage, you will need to speak with your agent to ensure the extra coverage is added to your policy. And while adding to your policy is a great move to make, it is not suggested that you downsize your policy even if your business was to downsize. The longer your company is in operation, the more coverage you will likely need regardless of the company’s size. 

Donald Phillips

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